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Currency depreciation, November 2014

Anatomy of togrog depreciation

Currency crises, which many economists define as a nominal depreciation of the currency of at least 25 percent that is also at least a 10 percent increase in the rate of depreciation compared to the year before (Frankel and Rose (1996)). Currency crises are a common phenomenon, averaging more than five cases per year since 1975globally, with relative peaks in the early 1980s at the time of widespread sovereign debt defaults, the early 1990s at the time of the European Monetary System and Tequila crises, and in 1998 at the time of the Asian financial crisis and the Russian debt default.

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